Broker Radar for May 24

Check out the stock commentaries and recommendations from brokerage houses.

CLSA on Election 2019 Results:

• Absolute majority for BJP would reduce the need for competitive populism.
• Some near-term pro-farmer announcements would be likely.
• Expect further push to affordable housing.
• Mid-caps should be back in favour as domestic flows are expected to improve.
• Potential policy rate cut and the market-friendly ministerial council would be next trigger.
• US-China trade war and rich valuations to cap market return to a single digit.

Macquarie on Election 2019 Results:

• Verdict reduces risk of populism significantly, but unlikely to see a major departure from existing policies. India stands to gain flows with global trade worries.
• The focus would move monetary policy to the front in the near term followed by a budget.
• Recommend shifting from defensives and large caps to high beta domestic sectors and mid-caps.
• Positive on Private Banks/Industrials/Real Estate; Negative on Consumption and NBFCs.

Macquarie maintained ‘Outperform’ on Sun TV; cut TP to Rs700 from Rs725.

• Tariff order impacts March quarter’s top line Tariff order impact to normalize by September.
• Increased churn from Arasu augurs well; Telco deals with Sun Nxt should drive subscription growth.

CLSA maintained ‘Buy’ on Sun TV; cut price target to Rs730 from Rs770.

• Weak March quarter performance hit by TRAI’s new regime.
• OTT/SunNXT ramping up well and is awaiting agreement with Jio.
• Valuations are inexpensive.

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